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U.S. crude oil inventories fell sharply in the latest week, according to the Energy Information Administration, underscoring firmer export demand and robust refinery activity. The draw was larger than market expectations and may reinforce support for oil prices even as traders continue to weigh broader macroeconomic risks.
U.S. crude oil stockpiles fell by 3.2 million barrels in the latest week, according to the Energy Information Administration, far exceeding market expectations for a build of 1.9 million barrels. The decline points to firm export demand and resilient refining activity, offering near-term support to oil prices even as broader market sentiment remains sensitive to supply, demand, and macroeconomic risks.
The U.S. Energy Information Administration has lifted its oil price forecasts, warning that tight inventories, weak diesel availability and persistent Middle East disruption risks are keeping global markets on edge. Brent crude is now projected to average $105 a barrel in the fourth quarter of 2026 and $84 in 2027, even as recovering Gulf exports and record U.S. output may ease some pressure next year.
The US Energy Information Administration has raised its oil price outlook, warning that tighter global supplies and conflict-driven disruptions around Iran are keeping crude markets elevated. Brent is now projected to average about $98 a barrel in 2026, while diesel prices are expected to stay high before easing gradually in 2027.
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